Notice of Intent to Sole Source

The Pension Benefit Guaranty Corporation (PBGC) intends to award a sole-source contract for Private Markets Investment Monitoring Services to JP Morgan under FAR 13.106-1(b)(1) procedures. The services encompass comprehensive monitoring and management of PBGC's inherited private market assets, including cash flow tracking, performance measurement, reporting, collection of Limited Partnership documentation, and fiduciary recommendations for changes to LP documents. The contractor must act as a fiduciary with ERISA responsibilities while providing investment monitoring, distributed stock management, capital call processing, proxy voting, and consulting services across various investment types including buyouts, venture capital, real estate, debt, and timberland investments. PBGC has determined that only one responsible source exists for this requirement, as other vendors focusing on basic cash flow tracking and performance measurement do not provide the necessary fiduciary advice on LP partnership changes. Potential vendors may submit capability statements by Tuesday, September 9, 2025, at 3 PM ET to David Feliciano-Merino, though the government retains sole discretion on whether to compete the procurement.

This procurement does not utilize any set-aside designations and JP Morgan appears to be the intended sole-source awardee based on PBGC's determination of single source availability. The contract will manage approximately $1.886 billion in capital commitments across three distinct investment pools: PBGC-Only, Commingled Master Trust One, and Commingled Master Trust Two. The period of performance spans five years from September 1, 2025, through August 31, 2030, commencing immediately after the current contract expires on August 31, 2025. The contractor must maintain robust insurance coverage including a $10 million fidelity bond and errors/omissions policies while establishing strong internal controls and disaster recovery planning. The scope includes potential expansion to additional private market partnerships as PBGC's portfolio evolves, with services requiring continuous delivery throughout the contract term.